mem·o·ry·less·ness

To succeed in business, one needs to be smart—really smart—but business intelligence (BI) is not measured by college degrees. BI is about quickly making sense of the vast amounts of data collected about all dimensions of a business, and then making sound decisions that will generate value for the company. For business schools, it’s also a big opportunity, one that is, by and large, being missed.

New York University Stern School of Business has announced a new Master of Science in Business Analytics that will be offered in Shanghai and at the School’s Washington Square campus beginning May 2013.

The MS in Business Analytics will be the first degree program to be offered at NYU’s downtown Shanghai campus, effectively launching the University’s granting of degrees in China. Moreover, the MS in Business Analytics is the first accredited graduate level program in Business Analytics to be offered by a leading business school. The new discipline, which stands at the intersection of business and technology, leverages the use of data as a strategic business asset and decision-making tool.

(via Analytics magazine)

In today’s turbocharged digitized world, there seems to be an “application” (“app”) for almost everything. The intent of the app software is to help the user perform singular or multiple related specific tasks on a repetitive basis. In the field of analytics and decision analysis, the apps analogy can be made when we think about the entire list of “hard and soft” skills that are used when we are working to bring discipline and analytical rigor to business decision-making.

“Hard skill” apps can be classified as the left-brain technical skills and include analytical processes, procedures and techniques that are used to perform all forms of descriptive, prescriptive and predictive analytics. The “soft skill” apps can be classified as the right-brain interpersonal/personal skills that cover a large continuum of proficiencies such as communication skills, conflict resolution and negotiation, creative problem-solving, strategic thinking, team building, influencing skills and selling skills.

Like apps in the digital world, hard and soft skills are being used by practitioners in a myriad of combinations to satisfy the growing demand for analytical decision-making in a wide continuum of business situations. The success of today’s decision analysts and analytical practitioners depends on the types of hard and soft skill apps in their toolboxes along with their abilities to creatively apply their apps to satisfy the needs of their customers.

Focusing on the acquisition of hard skills is easy since formal education and new analysis tools and training are readily available and are more tangible and easier to learn than soft skills (e.g., learning how to use a new simulation software package vs. learning how to be a better communicator). However, it is no longer sufficient to just bring a toolbox dominated by technical hard skills since they are becoming commonplace in today’s business word. People are becoming more comfortable manipulating and analyzing information due to the pervasive use of spreadsheets and the availability of data. Microsoft gauges the number of Excel users worldwide at more than 400 million [1], and business data is being mined at an exponential rate and disseminated to managers who want to tap into that data and gain insights to make better decisions [2].

The second problem with this perspective is that the expectations of customers for analytic and decision analysis activities are changing. Customers are no longer looking for someone to simply do the number-crunching analysis. They are also looking for people who have the skills to effectively identify and frame a business opportunity or problem, manage a team to develop and analyze potential solutions, communicate insights and recommendations all while collaborating with the various stakeholders needed to make and implement the decisions associated with the business situation. The bottom line is customers are looking for a strong set of soft skills in addition to technical hard skills.

petzoldt:

The “Traveling Sales Man Problem” is a classic in Operations Research. It asked for the shortest round trip through a set of cities given the distances beween them. For 20 cities there are already 2.432.902.008.176.640.000 of such tours. A computer able to calculate a trip length in A computer able to calculate a trip length in one milliseconds would still need 240 billion years checking all of them.

Its fascinating to see how researchers keep pushing the limits when solving ever larger problems using methods from mathematical optimization and Operations Research, such as William Cook who claims to have calculated the best tour visting 1.9 million cities.